Stablecoin liquidity hit unprecedented levels in September 2024, driving increased activity across the cryptocurrency market. At the same time, Ripple made waves in the stablecoin space by launching its new dollar-backed stablecoin, RLUSD, marking a significant step in the company’s expansion within the digital finance ecosystem.

### Stablecoin Boom Drives Crypto Liquidity, Ripple’s RLUSD Gains Momentum

According to a recent Cryptoquant report, stablecoin liquidity soared to record highs in late September, with the total market capitalization of leading USD-backed stablecoins reaching $169 billion, a 31% year-to-date increase. The data reveals the essential role that stablecoins continue to play in enhancing market liquidity.

“Increases in stablecoin market capitalization are often linked to rising bitcoin and cryptocurrency prices, as they provide greater liquidity to the overall market,” Cryptoquant analysts explained.

A major highlight for 2024 was Ripple’s entrance into the stablecoin sector through the introduction of RLUSD. The report noted that RLUSD rapidly achieved a market cap of $47 million, operating across both the XRPL and Ethereum networks. Cryptoquant researchers suggest that RLUSD has room for further growth, particularly due to XRPL’s established reputation for efficiently handling fiat-backed assets and other stablecoins like USDT and USDC.

### USDT and USDC Dominate, but Ripple Shakes Things Up

The Cryptoquant report emphasized that tether (USDT) and usd coin (USDC) continue to dominate the stablecoin sector. USDT maintains the lead with a market cap of nearly $120 billion, accounting for 71% of the sector’s market share, while USDC holds 21%. Cryptoquant’s data showed that USDT’s liquidity on centralized exchanges spiked in October, with $22.7 billion in USDT (ERC20) reported on exchanges.

Ripple’s RLUSD, alongside the rising dominance of stablecoins, highlights the evolving financial landscape. As stablecoin market caps grow and innovative entrants like RLUSD emerge, the cryptocurrency ecosystem is benefiting from improved liquidity, potentially paving the way for broader market activity and adoption in the near future.

---

This version maintains the key details while ensuring a smooth, concise flow of information.